Basement Extensions and Conversions
Increasingly homeowners in major cities are looking to build down rather than out or up. Simple reason – cities are running out of space!
Naturally this is concentrated more in the central London area, but this trend is spreading across the UK. Generally focused on affluent areas of central city locations, property owners find themselves wanting to stay in the location due to proximity to local transport links, work and schools – but also needing more space.
Try building out and you soon find there is no space in most central city locations. Try building up and you find that local planning authorities (and neighbours!) don’t want a property overlooking, or out of character with, surrounding properties.
So what do you do? You build downwards. After drawing the plans up and employing a quality local builder, your next question must be:
- “Where is the ten year Insurance Backed Guarantee?”
Your builder should provide one. Why? Because in addition to the builder guaranteeing to repair any defects in the works after completion, you need to know that an insurer will step in to remedy the problem if that builder ceases to trade. Ten years is a long time and you don’t want to find that lovely new basement extension/conversion has a defect that can’t be repaired. Also, if you want to secure additional funds against the property at a later date, or even sell it, the mortgage lender will want to see the Insurance Backed Guarantee (IBG) as this protects their mortgage lend.
Defects resulting in water ingress and damp are major risks – so protect yourself against them.
So if you are having a basement built, or you are building one for a customer, give us a call and just say “IBG”!